Appaloosa

Q2 2017 13F · by David Tepper, portfolio manager

As of: Jun 30, 2017
Filed: Aug 14, 2017
US stock: $6.7B · prev $5.7B
Positions: 57 · prev 52
Options notional: $5M
Documents: 1· no amendments

Picture99.9% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.9%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.1%

Moves74 since the prior filing

+37.0 pp in · −36.2 pp out

New 23 +29.37 pp
Added 11 +7.62 pp
Trimmed 20 −16.01 pp
Exited 18 −20.17 pp

Options: 2 moves on a notional base, in the table below.

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 128% a year, about 0.8 years per position

Low
Moderate
High

Top 5 positions36% of US stock

ACT Allergan PLC trimmed−3.19 pp trimmed−3.199.1%
GOOG Alphabet Inc. Class C added+1.02 pp added+1.027.9%
BABA Alibaba Group Holding Limited new+7.73 pp new+7.737.7%
MU Micron Technology, Inc. added+2.35 pp added+2.355.7%
unresolved Williams Partners L P New trimmed−1.63 pp trimmed−1.635.5%

Positions57 in this filing · 18 exited


ACTAllergan PLC	9.05%	2,509,619	$610M	trimmed−15%	−3.19 pp	7 q
GOOGAlphabet Inc. Class C	7.89%	585,000	$532M	added+23%	+1.02 pp	13 q
BABAAlibaba Group Holding Limited	7.73%	3,693,918	$520M	new	+7.73 pp	new
MUMicron Technology, Inc.	5.72%	12,900,000	$385M	added+93%	+2.35 pp	3 q
unresolvedWilliams Partners L P New	5.47%	9,182,449	$368M	trimmed−8%	−1.63 pp	7 q
METAMeta Platforms, Inc. Class A	5.28%	2,356,218	$356M	added+24%	+0.55 pp	4 q
unresolvedEnergy Transfer Partners LP	4.49%	14,841,247	$303M	new	+4.49 pp	new
AABAAltaba Inc.	4.15%	5,129,051	$279M	new	+4.15 pp	new
unresolvedPowershares Qqq Trust Series 1	3.71%	1,815,500	$250M	new	+3.71 pp	new
WDCWestern Digital Corp.	3.38%	2,570,000	$228M	added+98%	+1.51 pp	5 q
PNCPNC Financial Services Group	3.30%	1,782,033	$223M	trimmed−9%	−0.79 pp	4 q
BACBank of America Corporation	3.16%	8,782,641	$213M	held	—	2 q
OCOwens Corning	2.48%	2,498,972	$167M	trimmed−4%	−0.31 pp	17 q
ALLThe Allstate Corporation	2.23%	1,700,300	$150M	trimmed−8%	−0.41 pp	8 q
HUNHuntsman Corporation	2.06%	5,359,579	$138M	trimmed−4%	−0.32 pp	17 q
URIUnited Rentals, Inc.	1.93%	1,154,763	$130M	added+64%	+0.40 pp	3 q
MHKMohawk Industries, Inc.	1.66%	463,719	$112M	trimmed−18%	−0.60 pp	6 q
unresolvedTerraform Pwr Inc	1.55%	8,708,708	$105M	held	—	7 q
AYAtlantica Sustainable Infras	1.49%	4,700,000	$100M	trimmed−9%	−0.41 pp	5 q
AAPLApple Inc.	1.34%	625,000	$90M	added×2.1	+0.59 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.29%	467,000	$87M	added+56%	+0.43 pp	2 q
CNCCentene Corporation	1.14%	964,397	$77M	trimmed−18%	−0.32 pp	3 q
KMIKinder Morgan, Inc.	1.12%	3,942,996	$76M	trimmed−25%	−0.88 pp	7 q
WHRWhirlpool Corp.	1.11%	390,318	$75M	trimmed−19%	−0.33 pp	17 q
IBBiShares Biotechnology ETF	1.08%	235,000	$73M	new	+1.08 pp	new
DGDollar General Corp.	1.00%	935,178	$67M	new	+1.00 pp	new
GMGeneral Motors Company	0.99%	1,900,000	$66M	trimmed−63%	−2.21 pp	2 q
unresolvedCBS Corp	0.98%	1,032,836	$66M	trimmed−1%	−0.28 pp	2 q
TMOThermo Fisher Scientific, Inc.	0.97%	375,000	$65M	added×2.3	+0.54 pp	2 q
SUMSummit Materials, Inc. Class A	0.95%	2,216,110	$64M	trimmed−14%	−0.16 pp	3 q
BSXBoston Scientific Corp.	0.93%	2,264,900	$63M	trimmed−32%	−0.52 pp	3 q
SYKStryker Corporation	0.92%	445,000	$62M	new	+0.92 pp	new
ETEnergy Transfer LP	0.76%	2,845,000	$51M	new	+0.76 pp	new
KMTKennametal Inc.	0.74%	1,328,824	$50M	added+32%	+0.05 pp	3 q
LBBath & Body Works, Inc.	0.67%	835,592	$45M	new	+0.67 pp	new
DALDelta Air Lines, Inc.	0.66%	832,438	$45M	added+30%	+0.15 pp	4 q
LUVSouthwest Airlines Co.	0.57%	621,604	$39M	trimmed−80%	−2.33 pp	8 q
CXCemex S.A.B. de C.V.	0.56%	3,990,309	$38M	new	+0.56 pp	new
WFCWells Fargo & Co.	0.56%	681,463	$38M	new	+0.56 pp	new
HAINHain Celestial Group Inc	0.53%	922,228	$36M	added+19%	+0.03 pp	6 q
XLVState Street Health Care Select Sector SPDR ETF	0.50%	425,000	$34M	new	+0.50 pp	new
AIYActivision Blizzard Inc	0.45%	525,000	$30M	new	+0.45 pp	new
EXPEExpedia Group, Inc.	0.44%	200,000	$30M	new	+0.44 pp	new
XBIState Street SPDR S&P Biotech ETF	0.38%	330,000	$25M	new	+0.38 pp	new
BTUPeabody Energy Corporation	0.37%	1,009,279	$25M	new	+0.37 pp	new
ALLYAlly Financial Inc.	0.34%	1,097,824	$23M	new	+0.34 pp	new
NRGNRG Energy, Inc.	0.32%	1,250,000	$22M	new	+0.32 pp	new
CHKChesapeake Energy Corp	0.26%	3,566,000	$18M	new	+0.26 pp	new
SW5Southwestern Energy Co	0.23%	2,540,948	$15M	new	+0.23 pp	new
HCAHCA Healthcare, Inc.	0.22%	167,711	$15M	trimmed−66%	−0.54 pp	17 q
ARAntero Resources Corporation	0.16%	500,000	$11M	new	+0.16 pp	new
AERIAerie Pharmaceuticals, Inc.	0.15%	189,799	$10M	new	+0.15 pp	new
RIORio Tinto plc	0.15%	238,276	$10M	trimmed−40%	−0.13 pp	3 q
RRCRange Resources Corp	0.14%	400,000	$9M	new	+0.14 pp	new
unresolvedWmih Corp	0.14%	7,600,000	$10M	held	—	8 q
NUENucor Corporation	0.12%	143,254	$8M	trimmed−74%	−0.45 pp	2 q
KYNKayne Anderson Energy Infrastructure Fund, Inc.	0.04%	150,000	$3M	trimmed−77%	−0.20 pp	7 q
unresolvedEnergy Transfer Prtnrs L P	—	−11,961,842	—	exited	−7.62 pp	—
RFRegions Financial Corp.	—	−8,811,564	—	exited	−2.23 pp	—
PFEPfizer Inc.	—	−3,021,000	—	exited	−1.80 pp	—
unresolvedYahoo Inc	—	−2,200,000	—	exited	−1.78 pp	—
MYLMylan NV	—	−1,900,000	—	exited	−1.29 pp	—
TEVATeva Pharmaceutical Industries Limited	—	−2,175,000	—	exited	−1.22 pp	—
SYMCGen Digital Inc.	—	−1,550,000	—	exited	−0.83 pp	—
CHTRCharter Comm Inc Del CL A New	—	−129,784	—	exited	−0.74 pp	—
unresolvedArcelormittal SA Luxembourg	—	−4,985,456	—	exited	−0.73 pp	—
AMLPAlerian MLP ETF	—	−2,108,582	—	exited	−0.47 pp	—
UALUnited Airlines Holdings, Inc.	—	−364,615	—	exited	−0.45 pp	—
unresolvedTerraform Global Inc	—	−3,847,657	—	exited	−0.32 pp	—
XUnited States Steel Corp	—	−453,339	—	exited	−0.27 pp	—
MCKMcKesson Corporation	—	−100,000	—	exited	−0.26 pp	—
AKSAK Steel Holding Corp.	—	−534,327	—	exited	−0.07 pp	—
GTGoodyear Tire & Rubber	—	−75,951	—	exited	−0.05 pp	—
SNAPSnap Inc.	—	−100,000	—	exited	−0.04 pp	—
unresolvedKinder Morgan Inc DEL	—	−793,836	—	exited	0.00 pp	—